Modi govt 2.0 sets sights on making India USD 5 trillion economy

Finance Minister Nirmala Sitharaman, in her budget speech, said in the current fiscal, India's economy will grow to become USD 3 trillion economy, sixth largest in world.

PTI|

Updated: Jul 21, 2019, 08.11 PM IST

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Watch: Modi 2.0 report card on completing 50 days in office

The Modi government has underlined its priorities in the first 50 days of its second term, setting sights on making India a USD 5 trillion economy and hitting the ground running on spurring growth.

Two persons in the know of the government policy making said the dispensation truly feels that transformative changes can be brought about only through economic growth and inclusive development.

Prime Minister Narendra Modi was sworn-in on May 30 after the BJP won 303 seats -- the first time since 1971 that an incumbent government returned to power with such a thumping mandate.

The government was off the blocks on day one and set the ball rolling on manifesto promises such as pension schemes for farmers, small traders and unorganised workers, extension of PM-KISAN to all farmers, and setting up of a Jal Shakti Ministry, say political observers.

Just days after coming to power, the government spelt out its key priorities in the budget which was focused on laying the foundation for making India a USD 5 trillion economy and doubling farmers' income, the two persons in the know of the government's policy making said.

Finance Minister Nirmala Sitharaman, in her budget speech, said in the current fiscal, India's economy will grow to become USD 3 trillion economy, sixth largest in world.

The minister had emphasised the need for structural reforms for achieving USD 5 trillion economy.

The government has taken several reformative steps in the last 50 days to boost the economy, officials said without elaborating.

The budget talked of electric vehicles, the mission of taking electricity and cooking gas to every home, the end of angel tax and the beginning of a faceless, seamless tax assessment interface.

The budget also laid emphasis on urban development and Gram Sadak Yojana.

The government also made clear its zero tolerance on corruption stance with the removal of tainted bureaucrats across many departments as well as the cleanup of the J&K Bank, the persons in the know of government policy making said.

Labour reforms, enacting strong laws against frauds who dupe the poor, death penalty for child sexual assault, higher MSP for Kharif crops, are some of the people-oriented decisions the government in the last fifty days, they said.

Fast paced developments took place not just on the domestic front but also on the foreign policy front.

It started with BIMSTEC leaders arriving to witness PM Modi's swearing-in, the Shanghai Cooperation Summit, and the G20 summit in Osaka, Japan, where Modi had bilateral and pull aside meetings with several leaders, including US President Donald Trump.

He also visited Sri Lanka and Maldives and showed his strong belief in the Neighbourhood First policy, experts said.

Modi also strongly articulated India's position against terror at the SCO Summit in Bishkek and led the world in celebrating International Yoga Day.

"If the first fifty days are an indication, Modi 2.0 will be a transformative five years for India," an expert on government policy making said.